Yemisi Izuora
Jaiz Bank Plc, Nigeria’s pioneer Non-Interest Bank has released its full year audited result and accounts ended December 31, 2024, with profit after tax (PAT) of N23.48 billion.
The Bank, in a press statement, reported an impressive PAT of 108.99 per cent over N11.05 billion declared in full year ended December 31, 2023.
The statement says Nigeria’s pioneer Non-Interest Bank recorded growth across all financial and non-financial metrics, maintaining a well-structured and diversified balance sheet.
In the year under review, Jaiz Bank revealed that its gross earnings stood at N82.87 billion, a growth of 86.5 per cent from N47.24.4 billion recorded in the corresponding period of 2023.
On the profit or loss records, Jaiz Bank disclosed that its income from financing contracts moved from N17.1327.36billion in 2023, up by 17 percent to N32.04billion in 2024, while its Income from investment activities grew significantly to N44.36 billion in 2024, about 159158.56 per cent increase from N17.16billion reported in 2023.
Meanwhile, the Bank’s total assets for the year under review exceeds the N1 trillion mark to N1.08 trillion in 2024, a significant increase of 86.3 per cent from N580.13 billion declared in 2023. The 86.3 percent growth in Jaiz Bank’s total assets was driven by primarily by N349.6billion investment in Sukuk in 2024, a growth of 129.7 percent from N152.2 billion in 2023 and N493.6904.79 billion customer current deposits in 2024, representing a 12093.2 percent growth from N466.57224.46 billion in 2023.
Underlying ratios showed improved profitability and operating efficiency, with Jaiz Bank’s return on equity (ROE) closing 2024 at 34.21per cent from 28.12 percent in 2023 as return on assets (ROA) stood at 2.26 per cent in 2024 from 1.91per cent in 2023.
Jaiz Bank’s Capital Adequacy Ratio (CAR) stood at 23.87 per cent in 2024 from 17.96 per cent in 2023, while liquidity ratio (LR) moved from 37.24 per cent to 47.35 percent in 2024.
The statement also quoted the Managing Director, Haruna Musa Ph.D, as saying “the bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.”
He said: “Despite the challenging operating environment, the Bank continues to enhance its performance across all indices, recording significant growth in both financial and non-financial metrics.”
Haruna added that, “We remain on track to become the leading ethical bank in Africa. We will continue to focus on strengthening our relationships with our customers while attracting new ones, supporting not just individuals and businesses but also our communities through digital platforms and innovative products and services.”
“We are confident in our journey to lead the future of ethical finance in Africa and will not relent in our commitment to excellence while delivering long-term value to all stakeholders,” he stated.
Meanwhile, the management of Jaiz Bank proposed a dividend payout of N0.07 per share for 2024 financial as against N0.04 per share proposed in 2023 financial year.